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What does YOUR ideal retirement look like?
Everyone’s idea of the perfect retirement is different. It could involve travelling to new places or settling back in your favourite seaside town. It might be a life of adventure or one of simple relaxation. But whatever life after work looks like for you, one thing everyone wants is a comfortable life and some income.
That’s where TWUSUPER’s Super Pension options come in.
TransPension is TWUSUPER’s Super Pension product. Depending on how you use it, it's known as a Retirement Super Pension or a Pre-retirement Super Pension.
If you've retired, you can use the Retirement Super Pension on its own or combine it with the Government Age Pension from Centrelink.
If you’re still working, you can choose a Pre-retirement Super Pension. This can be used for what’s known as a Transition to Retirement Strategy (TTR). Whether you choose this option depends on your circumstances and objectives.
Plan now for a better retirement – because it’s never too early or too late to start planning for a better life in retirement.
Before you retire
Some TWUSUPER members put a Transition to Retirement (TTR) strategy in place.
A TTR strategy aims to reduce tax and increase your super balance before you retire. You can keep working and draw down up to 10% of your balance each year.
You can use a TTR strategy to salary sacrifice pay into your super and draw down your super balance to supplement your reduced income. Why? It reduces your taxable income.
You can also use a TTR strategy to reduce working hours and topping up take home pay with super pension payments.
After you retire
The Retirement Super Pension provides a tax-free income at your chosen amount and frequency. It’s often used to top up Centrelink and other income (such as investments outside super). Having this income from the Retirement Super Pension separate from the Centrelink Age Pension and other income can help you structure your spending plans (such as earmarking part of your payment to pay for utilities or go towards an annual holiday).
The Retirement Super Pension is used to provide income after you decide to give up work completely.
TWUSUPER helps you in retirement
Since 1984, TWUSUPER has been looking after the pension needs of members, regardless of their super balance. As a profit-for-members Industry Super Fund with a strong long-term performance record, our focus is on our members, not the profits of shareholders or big corporations.
Speak with a retirement specialist
Instead of sifting through information to find out what's relevant to you, ask to speak to a retirement specialist. There's no extra cost to use this service. The team's available between 9am and 5pm (AEST/AEDT) on 1800 222 071.
Use the form below to request a call back. Note that the call back service is available for Australian residents only. If you're overseas, please call +61 3 9192 4414.